A California public pension has hired four hedge funds to manage as much as $250 million.

The $10.6 billion Orange County Employees Retirement System committed between $55 million and $74 million to D.E. Shaw Group's Multi-Asset International Fund, Pensions & Investments reports. It also awarded mandates of between $44 million and $63 million each to Hoplite Capital Management and Partner Fund Management, and $50 million to Tennebaum Capital Partners' direct-lending strategy.

Nor is OCERS done: The pension's board gave its investment consultant the green light to create a shortlist of fixed-income absolute-return managers. The size of that allocation is still to be determined, and a hire might not happen at all, spokesman Robert Kinsler told P&I.